Sahakara Sarige property taken over

It was unable to repay loan instalments owing to financial difficulties

May 18, 2021 04:19 pm | Updated 04:19 pm IST - Hassan

A private finance company has taken over the property of Sahakara Sarige (Transport Cooperative Society) at Koppa, against the loan it had offered to the transport company. In the presence of Koppa tahsildar, the office was locked up and the keys were handed over to the representatives of Srirama Transport Finance Company on Tuesday. Sahakara Sarige earned name Statewide for offering transport services in Malnad region on cooperative principles.

Sahakara Sarige had borrowed ₹ 1.2 crore from the finance company mortgaging its property in Koppa. It could not pay a few instalments in the recent past as it suffered loss and could not operate its services. The finance company moved court and got an order to take over the property.

TCS chairman E.S. Dharmappa said that the action was objectionable as it was done during the lockdown over COVID-19. “The company could not pay the instalments because of financial difficulties. Recovery proceedings should not have been done during the lockdown. Anyhow, a businessman from Dakshina Kannada has purchased our company. Soon the financial issues will be settled”, he said.

The chairman said the discussion on the sale of 70 buses and its properties had been done. The buyer would settle the dues within a few days. “Later, the society will take up other activities. We are interested in taking up tourism transport. It will be decided later”, he added.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.